May 1, 2017

Hon. Jeb Hensarling, Chairman
United States House of Representatives
Committee on Financial Services
2129 Rayburn House Office Building
Washington, DC 20515

Re: Coalition Letter in Support of HR 10: The Financial CHOICE Act of 2017

Dear Chairman Hensarling:
We, the following pro-growth, pro-innovation, free-market advocates, ask the Members of the
House Financial Services Committee to support the Financial CHOICE Act, and take immediate
action to repeal the disastrous, anti-competitive Durbin Amendment.
The Financial CHOICE Act is a market-based, common sense reform proposal that will peel
back the most onerous Dodd-Frank regulatory layers. The legislation begins with a conservative
consensus of eliminating the most damaging provisions of Dodd-Frank, explicitly reforming the
Consumer Financial Protection Bureau (CFPB) and repealing the Durbin Amendment.
The CFPB, a federal agency established by Dodd-Frank, has been operating under the radar for
far too long. Dodd-Frank effectively gave the CFPB unlimited regulatory power with little
congressional oversight. The bureau’s budget is not subject to congressional appropriations—no
power of the purse—because the Federal Reserve, not Congress, funds the agency. Given its
shield from congressional scrutiny, the CFPB’s power to regulate is essentially a government
license to destroy. It’s a job-killing regulatory machine.
In 2016, the CFPB had its structure ruled unconstitutional by a federal appeals court. The court
ruled that the CFPB is a rogue agency unaccountable to the Congress and the American people,
and thus, the CFPB violates the Constitution's separation of powers.
The Financial CHOICE Act will reorganize the CFPB by making it accountable, and give it a
new mission that requires actual consumer protection. The bill also incorporates more than two
dozen bills passed by the House Financial Services Committee to help small business, encourage
investment, and assist start-up companies.
The legislation also repeals the Durbin Amendment, a cronyism provision that Sen. Dick Durbin
(D-Ill.) proposed at the behest of major corporations. The Durbin Amendment imposes price
controls that directly benefit retailers at the expense of consumers.
The Durbin Amendment has been a costly, failed attempt at government price controls. It put the
government in the position of picking winners and losers. It passed without hearings and with
little discussion. It was a mistake. It’s time for Congress to repeal it.
We support the Financial CHOICE Act. This legislation, including the key provision to repeal
the Durbin Amendment, will protect consumers and promote economic liberty.
Sincerely,
Andrew Langer, President
Institute for Liberty